STAGE 4d) OUR STRATEGY - EVOLVE

“Strategy is not a lengthy action plan. It is the evolution of a central idea through continually changing circumstances.”

Jack Welch, ex-CEO General Electric

The strategic development process is not something we do once, then put the plan in a drawer until next year. Digital innovation is causing the business environment to move faster and faster - strategy now needs to be a continuous process of discovery, reflection, and execution to keep up.

Companies get locked into execution, with individuals committing to new goals and targets. This can create organisational inertia, making it hard to adapt to changing circumstances. If our business environment is moving fast, we will need to review and hold our commitments lightly, ready to change them in the light of new information.

“If the rate of change on the outside exceeds the rate of change on the inside, the end is near.”

Jack Welch, ex-CEO General Electric

Questions to answer

What would cause us to reevaluate our strategy?

How can we redesign our business while running it?

Are our strategic initiatives on track?

Are our strategic KPIs on track?

What is evolving differently to our expectations?

What assumptions were proved wrong by our experiments? What are the implications?